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GA EOCT ECONOMICS
STALLINGS; GA Economics EOCT; Key terms in Economics
| Question | Answer |
|---|---|
| total amount of goods and services consumers are willing to buy. | Aggregate Demand |
| total supply of all the goods and services available in an economy | Aggregate Supply |
| all the property and possessions of a person or company. | Assets |
| exchanging one good for another | Barter |
| industrial or factory worker who receives an hourly wage rather than a salary | Blue-Collar Worker |
| equipment and factories used in the production of goods and services | Capital |
| tool or equipment used to produce other goods | Capital Good |
| economic system where the factors of production are privately owned | Capitalism |
| property or other security used to guarantee the repayment of a loan | Collateral |
| when labor union leaders negotiate a contract by representing all union members | Collective Bargaining |
| economic system; central authority which makes major economic decisions | Command Economy |
| certificate of ownership in a company which entitles the shareholder to vote for the board of directors of the corporation | Common Stock |
| economic system in which all means of production are owned by the state | Communism |
| one who buys goods or services for personal use | Consumer |
| a finished product used by an individual for personal use | Consumer Good |
| a measure of changes in the prices of goods and services commonly purchased by typical households | Consumer Price Index |
| type of organization where the business is recognized as a legal entity with the right to sell stock. | Corporation |
| nonprofit cooperative that accepts deposits, makes loans, and provides other financial services | Credit Union |
| paper money and coins that make up the money supply of a nation | Currency |
| Unemployment that is caused by a downturn in the business cycle | Cyclical Unemployment |
| amount of a good or service that consumers are willing and able to buy at a given price at a give time | Demand |
| prolonged period with large numbers of unemployed, declining incomes, and economic hardship | Depression |
| interest rate charged by the Federal Reserve for loans to member banks. | Discount Rate |
| a portion of corporate profits paid to stockholders | Dividend |
| separating tasks in the process of production; assigning different tasks to different workers | Division of Labor |
| 30 representative stocks used to monitor price changes on the New York Stock Exchange | Dow Jones Average |
| social science dealing with the production, distribution, and consumption of goods and services | Economics |
| person who takes the risk of a new business enterprise | Entrepreneur |
| Determined by the intersection of the supply and demand curves on a graph | Equilibrium Price |
| value of one currency expressed in terms of another | Exchange Rate |
| period of growth in an economy | Expansion |
| that part of the economy where labor and resources are sold | Factor Market |
| land, labor, capital, and entrepreneurship | Factors of Production |
| money by government decree | Fiat Money |
| government program of spending and taxation to promote desired economic goals for the nation | Fiscal Policy |
| a cost that does not change from month to month; a predictable part of an individual or business budget | Fixed Expense |
| unemployment caused by people changing jobs | Frictional Unemployment |
| total value of all the goods and services produced within a country in a given year | Gross Domestic Product |
| a rise in the general level of prices | Inflation |
| author of The Communist Manifesto | Karl Marx |
| organization of workers that negotiates with employers for better pay, benefits, and working conditions. | Labor Union |
| French term which means "allow to do", the philosophy that government should stay out of the market | Laissez-faire |
| rule stating that more of a product will be consumed at a lower price and less will be consumed at a higher price | Law of Demand |
| rule which states that more of a product will be produced when the price is high and less will be produced when the price is low | Law of Supply |
| situation where the responsibility of an owner for the debt of a company is restricted to the amount invested in the firm | Limited Liability |
| study of an economy as a whole | Macroeconomics |
| an economy in which the government has little to say about what, how, and for whom goods are produced; the factors of production are privately owned | Market Economy |
| branch of economics which deals with the units within an economy - households, businesses, industries | Microeconomics |
| lowest amount which can legally be paid to an employee | Minimum Wage |
| free enterprise system with some government involvement | Mixed Economy |
| plan of the government to regulate the money supply in the nation | Monetary Policy |
| when one company controls the market for a certain product; no competition. | Monopoly |
| Agreement in 1993 to reduce tariffs between the United States, Canada, and Mexico | NAFTA (North American Free Trade Agreement) |
| total amount of money a nation owes its creditors | National Debt |
| when operations previously controlled by the private sector are taken over by the government | Nationalization |
| a market where a few large suppliers control the supply of a product. | Oligopoly |
| the value lost when one alternative is chosen over another | Opportunity Cost |
| an unincorporated business owned and run by two or more people | Partnership |
| the point in a business cycle when production, employment, and wages are at their highest | Peak |
| an ideal market condition characterized by a large number of independent, well-informed buyers and sellers who all have access to the market | Perfect Competition |
| certificate of ownership in a corporation which does not entitle the holder to vote, but does give claim to the assets of the company before the common shareholder | Preferred Stock |
| maximum legal price that can be charged for a product | Price Ceiling |
| The lowest interest rate which banks charge their most reliable customers | Prime Rate |
| the amount borrowed when taking out a loan | Principal |
| the conversion of state owned property to private ownership | Privatization |
| the difference between revenue received and the cost of production | Profit |
| a tax where the percentage paid in tax increases as the level of income rises | Progressive Tax |
| the situation which exists when the quantity demanded is greater than the quantity supplied | Shortage |
| an economic system where the government controls the major means of production but property and other businesses may be privately owned | Socialism |
| unincorporated business owned and run by one person | Sole Proprietorship |
| when each worker performs a specific task in production | Specialization |
| a share of ownership in a corporation | Stock |
| an organized work stoppage by employees or union members | Strike |
| unemployment caused by changes in technology or reduced demand for certain products | Structural Unemployment |
| government payment to encourage a certain industry or economic activity | Subsidy |
| a product that a purchaser may use in place of another product; if the demand for one goes up the demand for the other usually goes down | Substitute Product |
| the amount of a good or service that producers are willing to produce at a given time | Supply |
| a graphic representation of the quantity producers are willing to produce at different prices | Supply Curve |
| exists when the quantity supplied of an item is greater than the quantity demanded | Surplus |
| a tax on an imported product | Tariff |
| a condition in international trade when the value of the imports into a nation is greater than the value of its exports | Trade Deficit |
| a payment made by the government to someone who does not produce a good or service in return | Transfer Payment |
| the lowest point in a business cycle; demand, production, and wages are at their lowest level | Trough |
| requires that a firm making a loan disclose all the information about the cost of that loan | Truth-in-Lending Laws |
| percentage of the civilian workforce who are available for a job but do not have one | Unemployment Rate |
| when an owner is fully responsible for the debts and losses of a company | Unlimited Liability |
| workers who are not trained to do a specific task or operate specialized machinery | Unskilled Labor |
| business or professional worker, usually work for a salary rather than an hourly wage | White collar Worker |
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